Bulgaria - Market Overview
Table of content
Source: Statistics Canada
Note: Data on Canada-Bulgaria bilateral service trade and Bulgarian Direct Investment in Canada is not available.
2015 Trade and Investment between Bulgaria and Canada (C$, Millions)
|Trade and Investment||(C$, Millions)|
|Canadian Merchandise Exports to Bulgaria||$86.3|
|Canadian Merchandise Imports from Bulgaria||$128.9|
|Canadian Direct Investment in Bulgaria||$5.0|
Why Bulgaria Matters
- Bulgaria is Canada’s 20th largest EU market for exportsFootnote 1 and is the 21st largest EU economyFootnote 2.
- Bulgaria views Canada as an important trading partner and potential source of foreign direct investment (FDI). Canadian companies have shown interest in Bulgaria’s extractive sectors, especially the mining industry.
- Bulgaria’s current government has targeted four areas for development, aligning well with Canadian capabilities: (1) education and employment, (2) research and innovation, (3) moving towards a low-carbon footprint and (4) sustainable economic development, which includes good governance and access to quality public services (including efficient e-government).After the ratification and implementation of CETA, Canadian exporters of goods and services will gain substantial new access to Bulgarian government procurement opportunities, such as those below the national level (e.g. Local governments) and public utilities.
How to export to Bulgaria
Read the guide Exporting to the EU.
Sectoral Opportunities in Bulgaria
Bulgaria has a shortage of skilled workers and an ageing population, which are major obstacles to economic growth and attracting foreign investment. Vocational education and training in Bulgaria remains insufficient. These gaps in the Bulgarian education system offer opportunities for Canadian universities and education-related companies which are interested in the region.
Information and Communications Technology (ICT)
IT in Bulgaria is traditionally an export-oriented sector. Bulgaria hosts a number of world and local IT leaders, like SAP, VMware, Johnson Controls, CISCO, HP, Telerik, Musala Soft, Melon Inc. etc. In 2014, the revenues from ICT market in Bulgaria increased by 15%, to €700 million (C$ 1 billion).Footnote 6 The country has qualified human resources working on world-level projects and at competitive salaries, and this is very attractive to foreign companies to invest in this sector. There are potential opportunities related to e-Government projects, as this is one of Bulgarian government’s key objectives.
During recent years, significant foreign and Bulgarian investment went to the country’s mining sector. The main raw materials that are mined in Bulgaria are: lignite coal, lead and zinc, copper and polymetal ores, gypsum, limestones, bentonite, kaolin, quartz sands, fire-clays, marbles. The Bulgarian mining industry forms up to 5% of the country’s GDP and provides direct employment to approximately 30,000, and through related industries to about 120,000. A total of 23 million tons of natural resources are known to exist in the country.Footnote 7 Canadian expertise in the extractive sector may be of interest to Bulgaria.
Bulgaria offers opportunities in green technologies related to low-carbon footprint and in research and innovation collaboration, particularly in sub-sectors such as waste management and recycling, biomass plants, windfarms, gasification plants and photovoltaic parks.
For more information on trade and investment in Bulgaria, contact your Trade Commissioner in Bucharest, Romania.
The Trade Commissioner Office in Bucharest covers Romania, Bulgaria and Moldova (non EUEU-state).
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